What really matters beyond brand, product, price, and service in smart innovations

Customer-centric innovation should yield rich personal experiences in addition to automation. PHOTO | SHUTTERSTOCK

New technologies such as cloud computing, artificial intelligence (AI), mobility and the Internet of Things (IoT) are now ingrained in our lives making it imperative for companies to either stay ahead of the curve or risk missing out on the massive potential to transform their customer experiences (CX).

Basically, CX refers to all the activities an organisation engages in to maximize superior experiences and value for customers.

In this era of highly engaged, digitally conscious customers, businesses can no longer ignore the fundamental reality that consumers are now more tech-savvy and are making conscious decisions on how technology fits into their daily life experiences and lifestyles.

So, rather than focus on specific touchpoints or transactions, businesses should devote more of their energies to delivering what is now known as the “total customer experience” which is essentially the positive impact a brand has throughout the consumer journey from the time of purchasing a product to the end of its useful life.

This end-to-end approach is indispensable in achieving higher levels of customer satisfaction and retention.

But to achieve a deep and optimal customer experience, organisations must see things from the customer’s perspective, not focus only on their goals around innovation.

Nowadays, consumers have become sophisticated and know what a product should do for them as opposed to what the manufacturer wants the product to do for them.

This entails going beyond the four components of CX – brand, product, price, and service.

In this era of rapid digital innovation, technology should be about empowering customers to do things differently and achieve more out of life.

The most important touchpoint is in meeting the customer’s needs at a given moment in time.

Customer-centric innovation should yield rich personal experiences in addition to automation.

Embedding memorable experiences for the user must start with understanding customers more to craft more compelling digital value propositions by balancing the manufacturer’s digital ambitions and the customer’s daily experiences.

Many companies in the consumer lifestyle space are transitioning into smart life solutions powered by an innovation model focused on deeper customer engagement.

Smart innovations can radically transform even the most mundane of daily experiences like washing dishes and clothes.

AI and IoT in particular are powering intuitive home appliances that allow people to seamlessly plan every facet of their daily schedule, from work and house chores to entertainment, cooking, and socialising with friends and family, without feeling drained at the end of the day.

Smart life solutions are about connecting and expanding consumers’ diverse experiences with the ultimate goal of transforming into a brand that warms hearts and puts smiles on faces.

Smart innovation is only an inflection point in the journey to achieving the vision of creating a better life for customers through cutting-edge technology.

Mr Lee is LG's Regional Managing Director for East Africa.